Would you buy this flat?

[leslieknopeisdope]

FTB in London. Would appreciate your views on a place I've put an offer on.

Pros:

• 10 mins walk from the tube
  
• Close to my friends
  
• In a very popular up and coming area in London
  
• Cheap (for London!)
  

Cons:

• It's a studio flat (could possibly covert to a 1 bed)
  
• It's right next to a school
  
• It's next to a fairly busy road (that dies down in the evening)
  
• There's an electricity substation next to the flat (didn't notice it but it was picked up in the survey)
  

All of the cons I could deal with individually but I'm worried that all together they might be too much and put off future buyers. What do you think? I don't love it but it's the best I can get on my budget and I do like the layout inside.

[CathFromCooberPedy]

Well that's because l asked MNHQ to delete my post. Didn't see your reply, don't really care either. Apart from the first line of my comment, the rest of my comment stands too Queen

[fabulousathome]

If you can convert it to a one bed that seems to be a big plus. Next door is a school and if it's a good school someone might buy your flat one day just to get their child in the school! Sounds like an ideal rental property so again someone might buy it to rent out in the future. Also, of course, look at the length of the lease and the service charge. If the lease is short and the service charge is high then that may be why it is priced low. It can cost a lot to renew a lease.

[leslieknopeisdope]

fabulousathome it's a relatively long lease surprisingly.

[leslieknopeisdope]

mayhem as it's quite titchy I'd probably want to rent it out in a few years

[DancingDinosaur]

I'd put in an offer and buy. Theres still a housing shortage, cant see that changing esp at the lower end of the market.

[leslieknopeisdope]

that's what I've found DancingDinosaur. Hardly anything coming on in my price range. Whenever people talked about prices dropping, I was always told it would be studios and 1 beds that suffered the most but from what I can tell it's mid-range properties that are reducing the most probably because they're extremely overpriced.

[leslieknopeisdope]

Also sorry to cause an argument ladies!

[AtSea1979]

I wouldn't compromise on not having a bedroom, everything else is fine but that's just me.

[leslieknopeisdope]

AtSea1979 - I'm pretty sure I can convert it (fingers crossed) otherwise I wouldn't consider it either

[fabulousathome]

I think I've worked out which one it is. The name of the block begins with a V? It looks really great and doesnt need much work at all. I know that area and it seems good value to me. The school nearby is an Outstanding one. If you ever want to sell the flat approach the school staff first! I think it's a pretty good buy.

[leslieknopeisdope]

No, that's not the one fabulousathome although I think the school next to it is outstanding too. It needs a lot of work!

[blinkowl]

I'd wait. All the signs are that prices in London are going to come down.

That could be terrible advice!

It's what people said to me when I bought my London flat about 15 years ago.

But although prices did slow at the time, they never actually went down in my area. Had I listened to advice like this, and not got on the property ladder then, with a 1 bed near the bottom of the market, then I almost certainly would have missed my chance.

Bu as it is, I ignored this and went ahead. The flat doubled in value in 10 years, and I now live mortgage free in a 3 bed family home outside London, paid for purely with the profit from the London flat.

So glad I ignored this kind of advice from well meaning people who didn't have a clue - or a crystal ball either!

Having said that, I did spend 6 months flat hunting, seeing about 30 studios / flats, because with such a limited budget for my first place it was a matter of finding a compromise I could live with.

So OP, I wouldn't advise waiting for prices to come down as that may never happen, but if prices aren't actually rising then hold on for a better place perhaps, or consider a wider area. How long have you been looking?

[blinkowl]

Does it matter if there is an outstanding school next to it if it's a studio?

Would a family (even a family of only 2) really live in a studio to get into an outstanding school?

Or do you have DC, leslieknopeisdope? Isn't a studio a compromise to far, if you? Could you not compromise on area instead?

[dotdotdotmustdash]

I think I've found it, but it appears to have been removed from active sale. If its the one I've found, it looks like no more than a stud wall to make it a 1 bed flat, it's fairly well-designed.

Still costs more than my detached family home in Scotland!

[leslieknopeisdope]

blinkowl I've been looking on and off for a year, seriously for the past few months. Everything else in my budget has a short lease or is in a dodgy or much further area.

did you start off with a studio or 1 bed? part of me thinks i should just get on the ladder but part of me is hoping there is something else out there that i'll have to compromise less on. maybe i'm being unrealistic!

i've noticed since the eu vote supply has dried up which is worrying.

[leslieknopeisdope]

and nope don't have kids (yet)!

[Queenbean]

What is your budget Leslie?

[kirinm]

You are buying in a fairly expensive area. Can I tempt you with SE London?

[bikerlou]

I'd buy in Kent and commute, you can buy a three bed house for that a bit further out. My husband commutes to London everyday and it's fine.

[kirinm]

I think though that what some people might consider an okay commute might not be okay for another person. I work long hours and want a quick commute and if that means sacrificing a big house in outer London / a different county for a flat in zone 2, at this stage in my life, I'm prepared to make that sacrifice.

[leslieknopeisdope]

bikerlou I grew up in the suburbs and couldn't wait to get out so I'm sticking to London.

Queenbean I've been doing a London wide search of all flats in my budget for the past few months. I know every single new property so I doubt anyone could find something I haven't seen but thank you!

[Nightmanagerfan]

I would go for it - no one I know in London who has bought property has regretted it. Just make sure rent would cover your costs if you had to move out. I don't regret buying in an "up and coming" area even though at the time lots of people told me it was too expensive/a huge gamble etc. Turns out to be the best financial decision I ever made.

[leslieknopeisdope]

Nightmanagerfan I think I might just be having a heavy case of buyer's remorse. Before I put my offer in I just focused on the good points. Now I can only think of the bad ones!

I'm surprised and reassured that no one thinks the substation is a big deal as I read a few old threads with lots of people saying they would never consider living near one.

[kirinm]

Leslie - we definitely have buyers remorse but I don't doubt we've done the right thing. Renting costs a fortune and if we'd have pulled out of the purchase we'd still be paying someone else's mortgage. At least it's our own mortgage now.

[leslieknopeisdope]

kirinm - Maybe it's inevitable if you're spending all your life savings!

Would love it if someone had a crystal ball and could tell me if I waited 6 months, would I find something better or be gutted I didn't go for this one.